首页  | 新闻播报

双语新闻播报(March 20)

chinadaily.com.cn 2023-03-20 18:23


>French Senate adopts Macron's pension reforms despite new protests

A protester holds a placard reading "It's no" during a demonstration on Place de la Concorde after the French government pushed a pensions reform through parliament without a vote, using the article 49,3 of the constitution, in Paris on March 16, 2023. [Photo/Agencies]

On Saturday night, the French Senate adopted President Emmanuel Macron's unpopular pension reform plan.

One hundred and ninety-five members of the upper house of the French Parliament voted for the text, whose key measure is raising the retirement age by two years to 64, while 112 voted against.

The protests aimed to pressure the government to withdraw the pension plan, which it said is essential to ensure the pension system does not run out of money.

"After hundreds of hours of discussions, the Senate adopted the pension reform plan. It is a key step to make a reform happen that will guarantee the future of our pension system," Prime Minister Elisabeth Borne wrote on Twitter. She added that she was "totally committed to ensure the text will be definitively adopted in the coming days".

Now that the Senate has adopted the bill, it will be reviewed by a joint committee of lower and upper house lawmakers, probably on Wednesday.

If the committee agrees on a text, a final vote in both chambers is likely to take place on Thursday, but the outcome of that still seems uncertain in the lower chamber, the National Assembly, where Macron's party needs allies' votes for a majority.

If the government fears it won't have enough votes in the lower house, it is still possible for it to push the text through without a parliamentary vote, via a so-called 49:3 procedure.

>Silicon Valley Bank collapse could have major impact on tech industry

The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. [Photo/Agencies]

The sudden collapse of the top Silicon Valley lender SVB Financial Group has sent shock waves throughout the tech world, leaving tech startups scrambling to make payroll this month, which could be followed by a wide wave of failures and layoffs in the tech industry.

With approximately $209 billion in total assets and $175.4 billion in total deposits at the end of last year, the 16th largest bank in the US was closed by California's banking regulators on Friday due to "inadequate liquidity and insolvency."

The FDIC said Friday that all accounts would quickly get access to the insured portions of their deposits, but the rest would depend on how much is recovered from sales of the bank's assets, an often lengthy process.

This has left startup founders worried about whether they'll be able to keep paying their employees.

Close to half of US venture-backed tech and healthcare firms that listed on stock markets in 2022 were SVB customers, leading many to fret about the fallout from the bank’s collapse that will ripple through the already battered tech sector, which had seen mass layoffs in recent months.

Garry Tan, head of the well-known incubator Y Combinator, said in a tweet that "the real victims of the SVB fallout are the depositors: startups with 10 to 100 employees, who cannot make payroll, and will have to furlough or shut down workers as soon as Monday."
硅谷著名创业孵化器 Y Combinator首席执行官陈嘉兴在一条推文中说:"硅谷银行破产的真正受害者是储户,也就是那些拥有10到100名员工的初创企业,他们无法支付工资,不得不最早在周一(13日)让员工暂时休假或彻底停工。"

He also warned that "years of U.S. innovation" are on the line, as an entire "generation of American startups" could be destroyed in a month or two.

Top U.S. investor Bill Ackman raised a similar alarm on Twitter, saying that SVB's collapse "could destroy an important long-term driver of the economy."

Voices from tech and finance are increasingly calling for the federal government to push another bank to take over the failed Silicon Valley Bank, CNBC reported. According to several U.S. media reports, SVB had discussed a possible buyout with several banks on Thursday and Friday, but could not find a solution quickly enough.

Find more audio news on the China Daily app.

中国日报网 英语点津微信
中国日报网 双语小程序